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Enbridge to take Midcoast Energy Partners private for $170 million

Reuters
The Enbridge Tower is pictured on Jasper Avenue in Edmonton, Alberta, Canada on August 4, 2012. REUTERS/Dan Riedlhuber/File Photo

(Reuters) - Enbridge Inc said on Friday it would pay about $170 million to take private Midcoast Energy Partners LP, which also has a stake in natural gas pipelines owned by Enbridge Energy Partners LP.

Enbridge Inc has a 21.1 percent stake in Enbridge Energy Partners, which owns and operates crude oil and natural gas pipelines in the United States.

The company said the deal would help Enbridge reduce costs and simplify its corporate structure.

Enbridge Inc said that a strategic review of Enbridge Energy Partners was ongoing and was expected to continue through the second quarter.

(Reporting by Ahmed Farhatha in Bengaluru; Editing by Martina D'Couto)